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The CFTC has approved a final rule adopting amendments to Form CPO-PQR for commodity pool operators. The amendments simplify and streamline the CPO reporting process while making sure the regulator continues to obtain necessary data.
Seven years after Form CPO-PQR was introduced, the CFTC found that it was unable to use much of the information required, and that some information it needed was available from other sources. The final rule will align the CFTC requirements with the NFA’s Form PQR
The amendments to Form CPO-PQR will address the following:
- Eliminate Schedules B and C of the form, except for the Pool Schedule of Investments
- Amend the information requirements and instructions to request Legal Entity Identifiers (LEIs) for CPOs and their operated pools that have them, and to delete questions regarding pool auditors and marketers
- Make certain other changes due to the rescission of Schedules B and C, including the elimination of all existing reporting thresholds.
The final rule also amends CFTC Regulation 4.27 to permit reporting CPOs to file NFA Form PQR, the comparable form required by the National Futures Association, in lieu of filing the CFTC’s revised form. In addition, the final rule eliminates the reporting threshold concept so that all registered CPOs will file on a quarterly basis (as is already required by the NFA).
The final rule will apply to filings for the first quarter of 2021, which are due May 30, 2021. CFTC staff plan to update its Frequently Asked Questions on Form PQR guidance in due course.
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